Merck to slash 8,500 jobs, looks to cut $2.5-billion in costs annually

The Merck and Company Pharmaceutical and Services building in Duluth, Georgia. (TAMI CHAPPELL/REUTERS)

U.S. drug maker Merck & Co., taking a cue from other drug makers that have slashed research spending to prop up earnings, on Tuesday said it plans to cut annual operating costs by about $2.5-billion (U.S.) by the end of 2015 and eliminate 8,500 jobs.

By slimming itself down, Merck said it would be able to bolster its pipeline of experimental drugs, many of which have failed to win regulatory approval or suffered other setbacks in the past few years.

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Kathy
Kathy
8 years ago

Yet Merck wants amnesty and a tripling of H1B visas for foreign guest workers. They signed a letter to Boehner demanding this. In other words, they want to replace Americans with cheaper guest workers.